Glaxo, which prior to its acquisition of Wellcome had already estranged itself from any direct involvement in the over-the-counter medicines market by lodging its potential OTC operations with the newly-formed Warner-Lambert OTC alliance, has now reinforced this stance with the sale, for $1.05 billion cash, of its stake in the Warner-Wellcome business to Warner-Lambert.
A letter of intent has been signed to restructure Glaxo's joint venture with the Warner-Lambert Company for the marketing of GW medicines which are converted from prescription status to OTC, and sell its interest in the WW JV to W-L.
According to Glaxo, the agreement confirms W-L as Glaxo's Wellcome's "partner of choice for marketing switch products, while providing additional flexibility and commercial benefit to GW." Glaxo notes that the restructured JV includes the products Zantac 75 (ranitidine) in the UK for the relief of heartburn and dyspepsia, Beconase (beclomethasone) for the treatment of hay fever - also in the UK, and Zovirax (aciclovir) cream for cold sores (sold OTC in a number of countries). Zantac 75 has just been approved in the USA (see page 21).
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